Topic: EU Banks Forced to Report Bitcoin-Linked Accounts Transacting Over €1,000 (Read 1640 times)
July 02, 2015, 09:53:16 AM
so most likely they would flag you using their normal standard based on their protection systems, i thought some of this banks had a direct method now to flag bitcoin users, at lease is not a direct ruling against bitcoin users but those who are openly doing big bitcoin moves, which still fucked up.
July 02, 2015, 09:41:31 AM
To be honest this is nothing out of the ordinary for financial institutions. Paypal does something similar. I got a letter recently stating because I'd withdrawn over 1k euroes over x amount of months I had to send them ID or some other bullshit.
July 02, 2015, 09:38:05 AM
Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.
Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.
It happened to me with my uk bank.
Better watch out
I had a huge deposit after I sold 2 years ago, to a newly created bank account. Nothing happened.Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.
It happened to me with my uk bank.
Better watch out
I guess this just depends on where you are from. However, something is definitely up when you start receiving thousands and thousands of euros from Unicredit banka Slovenija d.d.. (or other, depending on exchange)
wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.
does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
I don't think that a normal flag would block your funds. However, if their fraud protection system picks you up then you might have to do some explaining.does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
I wouldn't know the exact procedure, as it is probably different in each country.
I think they a system that adds up all the deposits you get each month, and if their combined total is over 1000 Euros, then your account is flagged. It's to stop people avoiding the 1000 Euro limit by trying to trick the system with numerous small deposits.
July 02, 2015, 09:23:17 AM
The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways. Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.
We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.
Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.
Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.
It happened to me with my uk bank.
Better watch out
wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.
does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
I had to go in branch to solve the issue. But I never used the word bitcoin...
July 02, 2015, 08:25:01 AM
Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.
Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.
It happened to me with my uk bank.
Better watch out
I had a huge deposit after I sold 2 years ago, to a newly created bank account. Nothing happened.Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.
It happened to me with my uk bank.
Better watch out
I guess this just depends on where you are from. However, something is definitely up when you start receiving thousands and thousands of euros from Unicredit banka Slovenija d.d.. (or other, depending on exchange)
wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.
does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
I don't think that a normal flag would block your funds. However, if their fraud protection system picks you up then you might have to do some explaining.does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
I wouldn't know the exact procedure, as it is probably different in each country.
July 02, 2015, 08:19:55 AM
The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways. Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.
We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.
Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.
Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.
It happened to me with my uk bank.
Better watch out
wow this is going to crazy, hopefully they dont turn having 1,000 euro in your bank account illegal if you sold your bitcoins, is this the type of behavior from banks and governments that will destroy trust with the population.
does anyone know what are the steps after your transaction is flag in order to get your money back ? paper work?
July 02, 2015, 08:16:01 AM
The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways. Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.
We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.
Even lower transactions are being flagged. The sender and/or receiver is also monitored. Of course they look at the amount but they also look at who/what you are sending receiving money to/from.
Banks nowadays have a pattern recognition fraud protection system: if they find something new/strange/misterious they'll call you.
It happened to me with my uk bank.
Better watch out
July 02, 2015, 08:05:50 AM
The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
I've read that after you've posted it. That doesn't tell us anything, however there is no harm done if we consider this to be true. We should always be extra careful when it comes to Bitcoin anyways. Well, i think every big transaction is being flagged in every countries. So, no surprise bitcoin-linked accounts is being flagged to, maybe transaction lower than €1,000 is being flagged too if it's bitcoin-linked account.
We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
Transactions lower than 1k are being flagged? That wouldn't even make sense, else everything related to Bitcoin would be flagged. They don't have the resources to investigate so many people, probably not even close.We better buy/sell bitcoin between few person, so we don't need third party & less information traced by government.
Maybe you better mix your bitcoin from exchange if you're scared
I don't think that you've understood this properly. Mixing Bitcoin isn't going to help you as they are going to be closely watching your account on the exchange itself.
July 02, 2015, 06:05:29 AM
As long as you also have outgoing transactions (is buying bitcoin), you should be fine I guess.. If you start receiving yins of fiat out of the blue, ofcourse you are flagged..
July 02, 2015, 05:52:56 AM
it is because of money laundering that they are doing this, nothing else, and as long as you are recieving funds in your bank account, you can be tracked back easily, they don't trakck you only if your amount is so small that they will not bother with it
i think the time is near to start to use bitcoin directly and get rid of this problem altogether
i think the time is near to start to use bitcoin directly and get rid of this problem altogether
July 02, 2015, 05:31:57 AM
If they use that information in a bad way for their customers, the customers will simply start buying bitcoins more locally, which will in the end benefit bitcoin
because they won't be able to enforce any more rules to that kind of market, but on the other hand, it will also lower the amount of people investing in it.
Are there any measures that are enforced upon users that have bitcoin linked accounts?
I fall into the category also, but did not receive nor observe anything out or ordinary on my account,
and when i called my bank,they stated that they are not monitoring bitcoin related accounts. They do however have the anti money laundering points that they are reporting tho.
cheers
because they won't be able to enforce any more rules to that kind of market, but on the other hand, it will also lower the amount of people investing in it.
Are there any measures that are enforced upon users that have bitcoin linked accounts?
I fall into the category also, but did not receive nor observe anything out or ordinary on my account,
and when i called my bank,they stated that they are not monitoring bitcoin related accounts. They do however have the anti money laundering points that they are reporting tho.
cheers
July 02, 2015, 05:22:18 AM
You are wrong. Bitcoin-linked accounts refers to those bank accounts which are being held by Bitcoin-exchanges and other crypto-based ventures. Even if you convert your BTC to LTC, and then sell these Litecoins to €€€€ (using Bitstamp or BTC-e), the banks will still report the cash deposit to the authorities, as it came from an account which is being held by a Bitcoin exchange.
Exactly. It states "connected to bitcoin", without any definition of that. Litecoin is connected to Bitcoin, and usually trades in similar exchanges.Anyone thinking that their altcoin will save them from this is just deluded.
The post has been taking down... Is this news true or just based on rumors? If it's true, that's just a shame...
The post looks like it is still down. I'm not sure how credible "An anonymous Dutch bank employee" is. Without an official statement from related parties this might be completely false.However, I do see this being quite possible. Luckily for anyone who wants to avoid this, there are always cash transactions. Use localbitcoins and sell when you want to.
What else interests me is that it states sending or receiving more than €1,000. Does this include one time transactions that are bigger than €1,000 or the total sum?
In the first case one could easily cheat them by sending smaller amounts.
The news report is true. If the news itself is true or not, I don't know... meanwhile I've found the post where the news originated from. As you can see it's marked as speculation. so let's just take it with a grain of salt.
July 02, 2015, 05:10:07 AM
Simple way around this - Just sell BTC for cash on localbitcoins in face to face meets. Set up a faux business like a car wash or taxi driver & launder your cash through that. Obviously declare whatever little amount you want to 
. They'll never know you have anything to do with BTC.
There are always ways around every rule, as long as you're not selling hundreds of thousands of dollars worth of BTC a year & trying to launder it all you should be ok.
. They'll never know you have anything to do with BTC.There are always ways around every rule, as long as you're not selling hundreds of thousands of dollars worth of BTC a year & trying to launder it all you should be ok.
July 02, 2015, 05:05:51 AM
You are wrong. Bitcoin-linked accounts refers to those bank accounts which are being held by Bitcoin-exchanges and other crypto-based ventures. Even if you convert your BTC to LTC, and then sell these Litecoins to €€€€ (using Bitstamp or BTC-e), the banks will still report the cash deposit to the authorities, as it came from an account which is being held by a Bitcoin exchange.
Exactly. It states "connected to bitcoin", without any definition of that. Litecoin is connected to Bitcoin, and usually trades in similar exchanges.Anyone thinking that their altcoin will save them from this is just deluded.
The post has been taking down... Is this news true or just based on rumors? If it's true, that's just a shame...
The post looks like it is still down. I'm not sure how credible "An anonymous Dutch bank employee" is. Without an official statement from related parties this might be completely false.However, I do see this being quite possible. Luckily for anyone who wants to avoid this, there are always cash transactions. Use localbitcoins and sell when you want to.
What else interests me is that it states sending or receiving more than €1,000. Does this include one time transactions that are bigger than €1,000 or the total sum?
In the first case one could easily cheat them by sending smaller amounts.
July 02, 2015, 05:00:09 AM
The post has been taken down... Is this news true or just based on rumors? If it's true, that's just a shame...
July 02, 2015, 01:38:11 AM
Agree with above poster, this has been standard practise for fiat in most countries and banks.
Just one of the ways used by the tax authorities to collect data on people and by doing so to build profiles which are then matched to the submitted tax returns. These profiles help them to flag discrepancies which are then investigated. An example will be where a person for example declares a gross income of say $10,000 for the year yet the data available shows he has received deposits amounting to over $100,000.....
Just one of the ways used by the tax authorities to collect data on people and by doing so to build profiles which are then matched to the submitted tax returns. These profiles help them to flag discrepancies which are then investigated. An example will be where a person for example declares a gross income of say $10,000 for the year yet the data available shows he has received deposits amounting to over $100,000.....
July 02, 2015, 12:54:22 AM
I spoke to a Bank manager friend of mine about this a few months ago, and he acknowledged that any amount bigger than €1,000 that are being deposited into a bank, are being flagged. It standard practice for fiat cash too. {They then target the user with phone calls to invest it, into other products provided by the banks}
Some of this information is also given to the Tax authorities {Well acctually they are linked automatically}
I would not be too worried about this... It looks to be linked to standard AML/KYC practices.
Some of this information is also given to the Tax authorities {Well acctually they are linked automatically}
I would not be too worried about this... It looks to be linked to standard AML/KYC practices.
July 02, 2015, 12:06:19 AM
well i guess this was expected of them. and i would be very surprised if other countries especially US banks don't monitor their customer's accounts for bitcoin related purchases.
with all the criminal activities that were associated with bitcoin, they have to do that.
with all the criminal activities that were associated with bitcoin, they have to do that.
damn with all this monitoring going on you feel like there nothing you can do with out them knowing anything, no sense of peace in either the internet, economy or life, bitcoin for then most be really scary to have set such a low number of 1k euro.
July 01, 2015, 11:47:58 PM
well i guess this was expected of them. and i would be very surprised if other countries especially US banks don't monitor their customer's accounts for bitcoin related purchases.
with all the criminal activities that were associated with bitcoin, they have to do that.
with all the criminal activities that were associated with bitcoin, they have to do that.
July 01, 2015, 08:22:22 PM
It is interesting to see that banks are attaching enough importance to Bitcoin to track such transactions separately.
What they probably don't realize that if somebody really wants to hide his Bitcoin tracks, it is very easy to do so.
What they probably don't realize that if somebody really wants to hide his Bitcoin tracks, it is very easy to do so.
Jump to: